Juggernaut discovers new zone at Midas
Juggernaut discovers new zone at Midas
2024-09-04 16:35 ET - News Release
Mr. Dan Stuart reports
JUGGERNAUT DRILLS NEW ZONE AVERAGING 10 METER THICK OF STRONG ESKAY-STYLE MINERALIZATION OVER 700 METERS THAT REMAINS OPEN ON 100% CONTROLLED MIDAS PROPERTY IN GOLDEN TRIANGLE, B.C.
Juggernaut Exploration Ltd. has discovered a new mineralized trend at depth consisting of significant sulphide mineralization averaging 10 metres in thickness that extends for 450 metres from the Kokomo showing (9.343 grams per tonne Au (gold), 117 gpt Ag (silver), 1.58 per cent Cu (copper) and 1.77 per cent Zn (zinc)) toward the south and remains open on its 100-per-cent-controlled Midas property. A second trend splitting off the main trend extends for 200 metres to the southeast. The 2024 drill program has defined the most extensive mineralization observed on the Midas property to date. Strong sulphide mineralization consistent with mineralization typically observed in proximity of an Eskay-style volcanogenic-hosted massive sulphide (VHMS) system in the form of moderate, semi-massive and/or massive chalcopyrite, sphalerite, and pyrite hosted in a quartz-sericite-chlorite schist has been intersected in drill holes from all pad locations, strongly indicating the potential for a VHMS deposit at depth. The 2024 drill program has been completed and all assays are currently pending.
Dan Stuart, president and chief executive officer of Juggernaut Exploration, states: "The scale and geometry of this newly discovered high-grade mineralized trend has exceeded the team's expectations, and we are looking forward to expanding this trend with additional drilling and geophysics in 2025. With much anticipation we look forward to announcing assay results in the near future, once everything has been received, compiled and interpreted."
Midas 2024 drilling highlights
- Multiple drill holes from six drill pads collectively spread over 700 m of strike have intersected significant moderate, semi-massive and/or massive sulphide mineralization that define two new Eskay-style VHMS mineralized trends at depth that remain open. Strong sulphide mineralization has been intersected from 100 per cent of all six widely spaced drill pads over a collective strike of 700 m that remains open.
- One newly discovered mineralized trend has an average width in drill core of 10 m and extends along strike for 450 m from the Kokomo showing toward the south and remains open. A second trend splits off from the main trend, has an average width of 10 m in drill core and extends for 200 m to the southeast and remains open.
- Kokomo pad -- MD-24-47 intersected 11.65 m of moderate, semi-massive and massive sulphide mineralization from 148.25 m to 159.90 m, within and envelope of 30.75 m of disseminated sulphides from 148.25 to 179.00 m; comparison MD-24-47 Kokomo;
- Midas 2 pad -- MD-24-49 intersected 13.55 m of moderate, semi-massive and massive sulphide mineralization from 7.75 m to 21.30 m, within and envelope of 34.75 m of disseminated sulphides from 1.25 to 36.00 m; comparison MD-24-49 Kokomo;
- Midas 3 pad -- MD-24-55 intersected 11.24 m of moderate, semi-massive and massive sulphide mineralization from 143.71 m to 154.95 m, within and envelope of 42.55 m of disseminated sulphides from 143.71 to 186.26 m; comparison MD-24-55 Kokomo;
- Midas 4 pad -- MD-24-56 intersected 7.83 m of moderate, semi-massive and massive sulphide mineralization from 145.06 m to 152.89 m, within and envelope of 47.65 m of disseminated sulphides from 113.96 m to 161.61 m; comparison MD-24-56 Kokomo;
- Midas 5 pad -- MD-24-57 intersected 5.00 m of moderate, semi-massive and massive sulphide mineralization from 16.76 m to 21.76 m, within and envelope of 33.30 m of disseminated sulphides from 16.76 to 50.06 m; comparison MD-24-57 Kokomo;
- Midas 6 pad -- MD-24-59 intersected 10.72 m of moderate, semi-massive and massive sulphide mineralization from 51.65 m to 62.37 m, within and envelope of 57.63 m of disseminated sulphides from 4.67 to 62.37 m; comparison MD-24-59 Kokomo.
- Mineralization consists of moderate (3 to 6 per cent), semi-massive (6 to 10 per cent) and/or massive (greater than 10 per cent) chalcopyrite, sphalerite and pyrite hosted in a quartz-sericite-chlorite schist. Sulphides generally occur as semi-massive to massive aggregates and stringers.
- The strong mineralization is enveloped by a zone of quartz-sericite-chlorite schist characterized by disseminated sulphide, including pyrite and minor chalcopyrite and sphalerite with an average interval thickness in drill core of 41.11 m and remains open, indicating the presence of a large gold system on Midas.
- The strong sulphide mineralization (greater than 3 per cent to over 10 per cent) observed in extended intervals up to 13.55 m wide (and averaging 10 m wide) from drill holes completed during the 2024 program is strongly reminiscent of the surface samples collected at Kokomo which assayed up to 9.343 grams per tonne Au, 117 gpt Ag, 1.58 per cent Cu and 1.77 per cent Zn.
- The successful 2024 drill program has been completed with 2,738 m drilled in 13 holes from six drill pads. This drill program was testing several lines of evidence that pointed to an area that had never been drill tested prior to 2024. The system remains open along, strike and depth, providing excellent additional opportunity for discovery. All assays are currently pending.
- Pending assay results, the company is planning a geophysical survey to determine the extent and geometry of the newly discovered Eskay-style VHMS mineralized zone as well as additional targets that remain blind for 2025.
- The 2024 drill program has defined the most extensive mineralization observed on the Midas property to date, with 450 m of strike on the main mineralized trend and 200 m of strike on the splay.
Multiple drill holes spread over 450 m of strike have intersected significant moderate, semi-massive and/or massive sulphide mineralization that define two new Eskay-style VHMS mineralized trends at depth that remain open. One newly discovered mineralized trend has an average width in drill core of 10 m and extends along strike for 450 m from the Kokomo showing toward the south and remains open. A second trend splits off from the main trend and extends for 200 m to the southeast and remains open. Mineralization consists of moderate (3 to 6 per cent), semi-massive (6 to 10 per cent) and/or massive (greater than 10 per cent) chalcopyrite, sphalerite and pyrite hosted in a quartz-sericite-chlorite schist. Sulphides generally occur as semi-massive to massive aggregates and stringers. This strong mineralization is enveloped by a zone of quartz-sericite-chlorite schist characterized by disseminated sulphide, including pyrite and minor chalcopyrite and sphalerite with an average interval thickness in drill core of 41.11 m and remains open. The strong sulphide mineralization (greater than 3 per cent to over 10 per cent) observed in extended intervals up to 13.55 m wide (and averaging 10 m wide) from drill holes completed during the 2024 program is strongly reminiscent of the surface samples collected at Kokomo which assayed up to 9.343 gpt Au, 117 gpt Ag, 1.58 per cent Cu and 1.77 per cent Zn.
The 2024 drill program has been completed with 2,738 m drilled in 13 holes from six drill pads. All assays are currently pending. The company is planning a geophysical survey to determine the extent and geometry of the newly discovered Eskay-style VHMS mineralized zone as well as additional targets that remain blind for 2025.
Highlights from the Midas Eskay-style Kokomo VHMS target
- Highlights of the Midas property includes the discovery of the gold-silver-copper-zinc rich Kokomo showing (9.343 gpt Au, 117 gpt Ag, 1.58 per cent Cu and 1.77 per cent Zn), drill hole MD-19-18 (6.22 m of 0.31 gpt Au, 0.95 m of 1.50 gpt Au with 1.94 per cent Cu and 3.22 m of 0.36 gpt Au) and the VG zone (2.24 gpt Au, 6.83 gpt Ag, 0.18 per cent Cu and 1.04 per cent Zn over 4.80 metres).
- Extensive broad copper-zinc-gold-rich intervals consisting of considerable chalcopyrite, sphalerite and pyrite in aggregates, stringers and veinlets have been intersected in multiple drill holes from 2023 collared from an area encompassing the VG zone and Kokomo showing consistent with an Eskay-style VHMS system. Results from the 2023 drill campaign intersected weak to moderate sulphide mineralization that assayed up to 1.56 gpt AuEq (0.35 gpt Au, 6.10 gpt Ag, 0.64 per cent Cu and 0.67 per cent Zn) over 5.00 metres, far less compelling than what has been observed in 2024.
- The drill results in combination with results from previous years indicate an extensive north-south gold-copper-zinc-rich mineralized trend that remains open extending for 550 m on strike with a large relatively shallow induced polarization (IP) chargeability and resistivity anomaly. The gold and base metals component clearly increases towards the Kokomo showing, strongly indicating proximity to the heart of a VHMS deposit.
- Kokomo is an Eskay-style VHMS showing with a one m chip sample assaying 9.343 gpt Au, 117 gpt Ag, 1.58 per cent Cu and 1.77 per cent Zn. The outcrop remains open in all directions where outcrops of the same or similar lithology extend over several hundred metres.
- The host rock to the Kokomo showing has been mapped by Juggernaut former senior geologist S. Roach as well as the British Columbia Geological Survey (BCGS; M. McKeown, J. Nelson and R. Friedman, 2007) as a rhyolitic tuff with strong phyllic alteration (quartz-sericite-pyrite) from the Mt. Attree volcanics, a unit highly prospective for VHMS deposits.
- The geology, geochemistry, alteration and extensive underlying geophysical anomaly coupled with the high-grade polymetallic Au, Ag, Cu and Zn mineralization in semi-massive to massive sulphides seen in drill core and outcrop strongly indicates the potential of a new Eskay-style VHMS discovery. The Midas property is 100-per-cent-controlled and covers 20,803 hectares and is located 24 km southeast of Terrace, B.C., in close proximity to logging access roads, power, railway and major infrastructure. The property is located in an area of recent glacial abatement and permanent snowpack recession at the southern end of the Golden Triangle, B.C. Multiple high-grade gold grab, chips and channel samples were collected from the Kokomo VHMS target where a 1.00 m chip sample assayed 9.343 gpt Au, 117 gpt Ag, 1.58 per cent Cu and 1.77 per cent Zn, and is drill ready. Relatively shallow induced polarization (IP) chargeability and resistivity anomalies extend under the Kokomo showing on trend to the south for at least 550 m, conducive for a buried VHMS containing semi-massive to massive sulphides at depth. Channel samples highlights from the VG zone include 10.28 gpt Au over 4.34 metres; 15.37 gpt Au over two metres; and 5.43 gpt Au over 3.11 metres. Historic drill results from the Midas property include hole MD-18-16 which intersected the peripheral zone of the IP anomaly core and returned 0.56 g/t AuEq over 35.35 metres; hole MD-18-08, which assayed 6.85 gpt Au over nine metres and narrowly missed a strong IP chargeability anomaly; and hole MD-18-01 which intersected 3.27 gpt AuEq over 4.80 metres and ended before it reached the core of a strong IP chargeability anomaly.
About Juggernaut Exploration Ltd.
Juggernaut Exploration is an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Juggernaut is a member and active supporter of CASERM, an organization representing a collaborative venture between the Colorado School of Mines and Virginia Tech. Juggernaut's key strategic cornerstone shareholder is Crescat Capital.
Qualified person
Rein Turna, PGeo, is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
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